UK REIT Segro has announced the purchase of a 450-acre site adjacent to Coventry Airport in the UK as part of its strategy to build scale in its UK logistics portfolio.
Known as Gateway South, Coventry, the site is located just south of the city. Planning consent has already been secured to develop 3.7 million sq ft (278,700 m2) of industrial and warehouse buildings with a gross development value in excess of £400 mln (€475 mln). The development will include investment to remediate the former sewage works and post-war landfill site, build new road and drainage infrastructure and create a 230-acre community park.
As part of the land transaction, Segro is acquiring all interests in the Coventry & Warwickshire Development Partnership – the scheme developer formerly owned by Rigby Group, Roxhill and Segro – which enables the company to take whole ownership of the site.
Gateway South, Coventry will be Segro's latest UK big box development to follow on from the Segro Logistics Park East Midlands Gateway, a 700-acre development with planning consent for up to 6,000,000 sq ft of warehousing and logistics accommodation.
Andrew Pilsworth, business unit director at Segro, said: 'Gateway South, Coventry is truly an excellent location. It’s well-connected, close to major population centres and it’s one of a small number of sites that can accommodate our long-term vision of creating a high-quality industrial and logistics park.'
The infrastructure and remediation works will begin this month and will be completed in early 2023, with the first occupation of the industrial and logistics park possible from this date.